Federal Payday Lending Rule a Win for Kentuckians

Federal Payday Lending Rule a Win for Kentuckians

To learn KCEP’s submitted remarks in the guideline, follow this link.

The customer Financial Protection Bureau (CFPB) released its long awaited proposed guideline to reign in a lot of abusive techniques of https://fastcashcartitleloans.com/payday-loans-id/ payday loan providers nationwide. In Kentucky, this could influence approximately 200,000 mostly low-income payday lending clients.

While Kentucky legislation limits yearly rates of interest on lending options to at the most 36 percent, payday loan providers are exempt, and that can issue quick unsecured loans for $15 per $100 borrowed, for approximately $500, frequently for a term that is 2-week. […]